Fujairah middle distillate stocks hit 2-mth high, fuel oil slips

London (Quantum Commodity Intelligence) - Stocks of middle distillates rose at the UAE port of Fujairah for the week ending May 3, data from the port and S&P Global Platts showed, amid stuttering demand for transport fuel in India.

Stocks for middle distillates such as jet, kerosene and diesel rose by 917,000 barrels to a two-month high of 3.86 million bls, the data showed, leaving stocks of all oil products at 24 million barrels – the highest in five months.

As well as a rise in middle distillates, stocks of light ends, such as gasoline, naphtha and LPG, rose only marginally – by 69,000 bls to 5.325 million barrels.

Fuel oil stock saw a draw of 221,000 bls to 14.854 million bls.

The figures come amid a huge second wave of covid infections across India – the region's second-biggest consumer of oil and products.

Earlier this week, refining data showed demand for oil products had slumped.

Despite this, jet and diesel cracks rose last week, buoyed by optimism that energy demand in Europe and the US would recover in time of the driving season.